VIZSLA SILVER PROVIDES EXPLORATION UPDATE ON PANUCO PROJECT: OUTLINES 10KM DRILL PROGRAM TO TEST NEW TARGETS IN THE EAST AREA

2024-08-21

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NYSE: VZLA TSX-V: VZLA

VANCOUVER, BC , Aug. 21, 2024 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) ( Frankfurt : 0G3) (" Vizsla " or the " Company ") is pleased to provide an update on resource expansion potential and outline its exploration plans to test high priority targets in the central and east areas of its flagship Panuco silver-gold district (the " Property " or " Panuco ") as well as other greenfield prospects located in Sinaloa, Mexico .

_"With Panuco Project 1 now having been defined, the hunt for Project 2 begins," _commented Michael Konnert , President and CEO. "Since our initial discovery at Napoleon, we have completed over 350,000 metres of diamond drilling, made several new discoveries and outlined a robust, high-grade resource base which serves as the foundation for Panuco Project 1, located in the southwest corner of the district. We are now determined to identify the next epicenter of high-grade mineralization in the central and/or east area of the district with the potential to host similar resources to that outlined in Project 1. To support this objective, we have budgeted 10,000 metres of new exploration drilling for the remainder of the year designed to test highly prospective targets. These select targets are based on an improved geologic understanding of the structural controls to mineralization as well as ongoing mapping, sampling, observations of metal ratios and alteration and other exploration methods. Additionally, we will continue to enhance the resource base that informs the Project 1 PEA through an expanded infill program targeting the first few years of production from Copala . This will culminate in a mineral resource update planned for late Q4 2024."

Key Exploration Objectives for 2024

Complete +10,000 metres of exploration drilling in the central-east area of the district.

Complete +5,000 meters of resource infill/expansion drilling in Copala central.

Complete VTEM, airborne mag and radiometric surveys on 950 l-km.

Advance mapping of the district to 70% coverage.

Provide updated resource estimate in Q4 2024.

Webcast

Vizsla Silver will be hosting a webcast at 9:30 am PT ( 12:30 pm ET ) on Thursday, August 22, 2024 , to present and discuss the geology of the Panuco district and outline its exploration plans and objectives for the remainder of the year. To register, please click here .

Exploration Approach and Organic Growth

The foundation of Vizsla's exploration approach for organic growth consists of detailed mapping, rock chip sampling aided by a LiDAR DTM model of the district and diamond drilling. Other initiatives such as alteration mapping with the use of Terraspec ASD® and 3D modelling of alteration minerals and metal ratios support prioritizing prospective targets. Additionally, ground Electro-Magnetics (" EM "), airborne magnetics, high-resolution multispectral satellite imagery, age dating and more recently AI and machine learning-based targeting done by VRIFY have been key for targeting. Furthermore, in 2023, the Company established a technical committee with Dr. Peter Megaw and Dr. Craig Gibson (Prismo Metals Inc.) to further enhance the knowledge of the district and to augment the probability of finding new mineralized centers (see Press Release dated April 26, 2023 ).

Vizsla's exploration approach and programs completed to date have resulted in a significantly improved geologic understanding of the district and have successfully defined multiple layers of exploration upside radiating out from the current center of mass in the west. This center of mass, referred to as Project 1, hosts ~98% of the current mineral resources and is the focus of the recently published PEA (see Press Release related to mineral resources update from January 8, 2024 , and PEA from July 24, 2024 ). Project 1 upside potential consists of 1) expansions to open resources on known structures and 2) proximal targets located within hauling distance to the proposed PEA processing location in the west area.

Beyond expanding resources and testing targets which support Project 1 in the west, Vizsla is committed to finding additional mineralized centers in the central and east areas of the district. Through the application of Vizsla´s exploration approach and initiatives across the district, the Company has defined several district-wide targets it plans to test in H2 2024, which have the potential to host similar resources to that of Project 1.

Additionally, the recent acquisitions of the La Garra and San Enrique properties have significantly increased Vizsla's land package in the emerging and highly prospective Panuco - San Dimas corridor situated on the Western Mexico Silver belt. This adds yet another layer of blue-sky exploration upside potential. The Company has already started building a GIS database of the region and plans to apply the same exploration approach that has been successful at the contiguous Panuco property to these two prospects in the future.

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Enhancing Project 1:

Since data cut-off for drill results to be included in the current MRE ( September 1, 2023 ), Vizsla has completed over 65,000 metres of drilling designed to upgrade and expand mineral resources in the western portion of the district, particularly on the Copala , Napoleon and La Luisa veins.

To date, exploration and resource drilling at Copala has traced mineralization along ~1,770 metres of strike length and ~400 metres down dip and measuring ~10 metres (~33 feet) thick on average. Three vein splays have also been discovered at Copala . Copala 3 is situated on the hanging-wall side of the main Copala structure, while Copala 2 and Copala 4 are located on the footwall side, between the high-grade Cristiano Vein and Copala main.

Our most recently completed Copala infill program (~10,000 metres at ~25 metre centers) has successfully confirmed high-grade precious metal continuity within the area planned for the first two years of mine production (see Press Release dated July 9, 2024 for preliminary results). Given the ongoing success of Copala infill drilling, and the new discovery of a historic mine adit exposing the Copala Vein approximately 200 metres above the current resource boundary, Vizsla has expanded its Copala infill program by an additional 5,000 metres (see Figure 2).

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Infill drilling completed at the southern extent of the Napoleon area has also demonstrated mineral continuity along the main Napoleon structure and splay veins, particularly the high-grade, shallow dipping Hanging Wall 4 (" HW4 ") splay vein. Drilling results and observations based on metal zonation and alteration continue to support the interpretation that the corridor is tilted, where the southern extent of drilling is at the top of the mineralized horizon, near surface. Ongoing analysis of core samples and 3D modelling of metal ratios and alteration minerals have further enhanced our understanding of the local controls on mineralization and have defined vectors to three potential feeder zones along the main Napoleon Vein .

At HW4, recent infill drilling has returned higher than average grade silver and gold values. The HW4 vein dips to the east at a shallow angle (35° to 55°) and is situated within the hanging wall side of the main Napoleon vein. HW4 remains open to the east, particularly in its southern extent where the vein shows higher silver and gold grades.

Other notable targets included the Cruz Negra and La Luisa Veins. At La Luisa, recent exploration has not only expanded the zones mineralized footprint well beyond the 2024 MRE boundary, but new alteration mapping with the aid of Terraspec®, has validated Vizsla's local exploration model. At La Luisa, the Company has identified a 400-metre gap between the current mineral resource boundary and seven exploratory holes in the north. Furthermore, two potential feeder zones within a target depth horizon have been interpreted through geologic modelling and observed metal ratios. Cruz Negra, located between La Luisa and Napoleon main, remains open along strike to the north, and the more recent discovery, El Molino , which is a high-grade northeast trending vein discovered through condemnation drilling between Napoleon and Copala in 2023 is open in all directions. Other proximal targets in the west area include 4 de Mayo, the potential Colorada-Napoleon intersection, Esmeralda-Tecolote, San Jack and San Peter.

Resource Extension Targets:

The Copala structure remains open down-dip in the south and along strike to the north. Additionally, with the recent discovery of the historic Copala adit, potential for high-grade mineralization closer to surface in the central portion of the vein has been confirmed. Napoleon HW4 is a shallow dipping vein that splays off to the east from main Napoleon. Drilling targeting main Napoleon has reported multiple high-grade intercepts along HW4 that warrant future resource expansion down dip to the east. La Luisa remains open at depth and along strike to the southeast and to the north in the 400 metre gap zone. Additionally, geologic modelling and observed metal ratios suggest two potential feeder zones at depth that warrant future drill-testing. Cruz Negra is a relatively narrow (average thickness), gold-rich vein trending northwest that splays off from the Josephine Vein (situated parallel to Napoleon). Open-ended intercepts completed in 2022 suggest that mineralization continues to the northwest in the direction of the Alacran Vein in the northwest. The 500 metre gap between Cruz Negra drilling in the southeast and Alacran in the northwest warrant future exploration drilling.

Proximal Targets:

4 de Mayo is a set of subvertical narrow veins trending northwest located west of La Luisa. Scout drilling in the area has reported some high-grade silver intercepts close to surface. The 4 de Mayo vein shows strong pinch and swell characteristics but remains open to the south and at depth. Colorada-Napoleon intersection is a conceptual target located at the projected intersection of the Colorada Vein and the northern extent of Napoleon, where indications of good structural preparation exist. This target has been validated by preliminary AI and Machine Learning analysis done by VRIFY. Esmeralda-Tecolote is a set of two epithermal veins discovered through mapping. Sampling on the veins and vein textures suggest a high level in the epithermal profile and warrants drill testing in the future. San Jack and San Peter are two parallel structures that show subtle quartz veining and strong hydrothermal alteration on surface. These structures are located west of Napoleon and La Luisa, in the southwest dipping, western block of the district. Extrapolation of our working exploration model applied at Napoleon and La Luisa suggests that vein mineralization could occur below the rhyolite tuffs exposing veining and alteration.

Table of Top 20 Drill Composites drilled post September 1, 2023 , cut-off date.

| Drillhole | From | To | Downhole Length | Estimated True width | Ag | Au | Pb | Zn | AgEq | Vein | | | | | | | | | | | | | | | | | | (m) | (m) | (m) | (m) | (g/t) | (g/t) | % | % | (g/t) | | | | | | CS-24-356 | 219.00 | 223.90 | 4.90 | 4.20 | 1,694 | 103.20 | - | - | 8,817 | Copala | | | | Includes | 219.85 | 220.60 | 0.75 | 0.64 | 9,920 | 663.00 | - | - | 55,769 | | | | | NP-24-429 | 433.75 | 435.10 | 1.35 | 1.30 | 2390 | 28.10 | 2.19 | 9.61 | 4,533 | HW4 | | | | CS-24-352 | 211.80 | 217.25 | 5.45 | 5.00 | 1,378 | 22.95 | - | - | 2,872 | Copala | | | | Includes | 213.00 | 216.00 | 3.00 | 2.75 | 2,115 | 39.10 | - | - | 4,681 | | | | | NP-24-431 | 428.55 | 431.15 | 2.60 | 2.40 | 1,551 | 14.08 | 0.97 | 3.84 | 2,561 | HW4 | | | | Includes | 428.55 | 429.90 | 1.35 | 1.24 | 2460 | 23.20 | 1.57 | 6.10 | 4,121 | | | | | CS-24-347 | 287.85 | 294.00 | 6.15 | 6.00 | 1,882 | 10.31 | - | - | 2,440 | Copala | | | | Includes | 289.00 | 291.45 | 2.45 | 2.39 | 3,859 | 20.51 | - | - | 4,957 | | | | | CS-24-366 | 348.85 | 357.00 | 8.15 | 7.00 | 1,898 | 9.51 | - | - | 2,398 | Copala 3 | | | | Includes | 348.85 | 349.50 | 0.65 | 0.56 | 3,950 | 25.40 | - | - | 5,385 | | | | | Includes | 351.00 | 352.50 | 1.50 | 1.29 | 3,430 | 18.95 | - | - | 4,457 | | | | | Includes | 352.80 | 354.00 | 1.20 | 1.03 | 3,200 | 13.00 | - | - | 3,829 | | | | | NP-23-359 | 80.00 | 82.05 | 2.05 | 1.65 | 1,552 | 8.37 | 0.47 | 1.22 | 2,066 | El Molino | | | | Includes | 80.90 | 82.05 | 1.15 | 0.93 | 2,630 | 14.20 | 0.62 | 1.57 | 3,480 | | | | | CS-23-304 | 468.00 | 471.30 | 3.30 | 2.80 | 1,366 | 6.80 | - | - | 1,722 | Copala | | | | Includes | 468.85 | 469.50 | 0.65 | 0.55 | 5,320 | 25.20 | - | - | 6,618 | | | | | CS-24-354 | 153.50 | 168.30 | 14.80 | 13.00 | 1,017 | 8.19 | - | - | 1,503 | Copala | | | | Includes | 153.50 | 155.10 | 1.60 | 1.40 | 4,124 | 35.11 | - | - | 6,229 | | | | | Includes | 157.55 | 159.05 | 1.50 | 1.31 | 2,540 | 21.30 | - | - | 3,813 | | | | | CS-24-344 | 561.95 | 573.90 | 11.95 | 8.70 | 1,096 | 5.18 | - | - | 1,363 | Copala | | | | Includes | 563.10 | 564.00 | 0.90 | 0.66 | 8,720 | 36.60 | - | - | 10,516 | | | | | CS-24-362 | 344.60 | 346.10 | 16.10 | 10.50 | 804 | 5.27 | - | - | 1,103 | Copala | | | | Includes | 337.50 | 339.75 | 2.25 | 1.47 | 3,437 | 24.87 | - | - | 4,881 | | | | | CS-24-359 | 332.15 | 341.65 | 9.50 | 7.80 | 788 | 4.40 | - | - | 1,027 | Copala 3 | | | | Includes | 336.25 | 337.30 | 1.05 | 0.86 | 5,010 | 25.30 | - | - | 6,343 | | | | | Includes | 341.00 | 341.65 | 0.65 | 0.53 | 1,360 | 7.26 | - | - | 1,749 | | | | | CS-24-357 | 347.00 | 347.45 | 14.45 | 10.90 | 762 | 2.80 | - | - | 891 | Copala | | | | Includes | 345.50 | 347.45 | 1.95 | 1.47 | 3,805 | 13.58 | - | - | 4,419 | | | | | CS-24-342 | 627.60 | 634.25 | 6.65 | 6.00 | 487 | 3.69 | - | - | 703 | Copala | | | | NAP-2023-004 | 108.45 | 119.35 | 10.90 | 6.50 | 328 | 4.32 | 0.79 | 2.11 | 696 | Napoleon | | | | Includes | 109.12 | 115.25 | 6.13 | 3.65 | 505 | 6.33 | 2.89 | 0.10 | 1,038 | | | | | COP-2023-004 | 195.75 | 202.10 | 6.35 | 5.10 | 318 | 5.23 | - | - | 658 | Copala | | | | Includes | 197.65 | 198.00 | 0.35 | 0.28 | 338 | 16.00 | - | - | 1,436 | Copala | | | | Includes | 200.90 | 202.10 | 1.20 | 0.96 | 1,270 | 13.45 | - | - | 2,104 | Copala | | | | NP-23-419 | 564.00 | 572.45 | 8.45 | 3.25 | 58 | 7.74 | 0.73 | 1.44 | 650 | La Luisa Main | | | | Includes | 567.00 | 568.60 | 1.60 | 0.62 | 50 | 16.74 | 0.27 | 0.99 | 1,220 | | | | | NP-23-420 | 414.60 | 418.25 | 3.65 | 2.80 | 95 | 6.97 | 0.11 | 0.17 | 568 | La Luisa Main | | | | Includes | 415.60 | 417.50 | 1.90 | 1.46 | 116 | 11.50 | 0.05 | 0.07 | 888 | | | | | COP-2023-001 | 145.30 | 158.90 | 13.60 | 13.60 | 240 | 1.61 | - | - | 332 | Copala | | | | Includes | 146.00 | 147.10 | 1.10 | 1.10 | 1,075 | 11.55 | - | - | 1,793 | | | | | NP-23-397 | 670.15 | 679.85 | 9.70 | 8.70 | 32 | 1.44 | 0.17 | 2.45 | 221 | La Luisa Main | | | | Includes | 670.15 | 671.55 | 1.40 | 1.26 | 77 | 6.55 | 0.54 | 1.32 | 577 | | | |

| Note: AgEq = Ag g/t x Ag rec. + ((Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn price/t))/Ag price/gram. Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,424.4/t lead and $2,975.4/t zinc. Metallurgical recoveries assumed for Copala are 91% for silver and 94% for gold (see press release dated August 16, 2023). Metallurgical recoveries assumed Napoleon veins and La Luisa are 93% for silver, 90% for gold, 94% for lead and 94% for zinc (see press release dated February 17, 2022). |

The Hunt for Project 2:

Since consolidation of the Panuco district, Vizsla has continuously conducted detailed geologic mapping and rock chip sampling. To date Vizsla has mapped ~67% of the district at a 1:1,000 scale and has collected over 5,000 rock chip samples. The mapping and sampling efforts, supported by LiDAR, have allowed the Company to define over 158 targets, in the district, of which 43 have been tested. For the remainder of 2024, Vizsla has planned a fully funded 10,000 metre exploration drill program designed to test multiple veins in five high-priority target areas: Camelia-San Dimas, Animas-Triunfo, Galeana , San Fernando-Nacaral and Jesusita-Palos Verdes .

Other important initiatives planned for Q4 2024 include a geophysical survey consisting of VTEM, airborne mag and radiometrics on ~950-line km at 100 metres at 100 metres spacing. Information derived from these surveys will be applied in combination with other tools on hand such as, geology, geochemistry, alteration and multi-spectral World View III satellite imagery to define new exploration targets and locate additional mineralized centers. Geologic evidence that supports the presence of multiple mineralized centers include: intrusions with different age and composition, ubiquitous presence of dikes and domes, extensive hydrothermal alteration across the district, many vein prospects and a vast amount of veins with variable orientations, geochemistry and recently determined 40 Ar/ 39 Ar age dates that resolved mineralization at Copala and Napoleon at 25.81 ± 0.05 Ma and 25.72 ± 0.06 Ma (identical age within error) and sericite alteration at the Guayanera dome along the Animas vein trend at 32.14 ± 0.17 Ma. The age gap of ~6 My between epithermal mineralization in the west and hydrothermal alteration (activity) farther east, supports the hypothesis that multiple hydrothermal centers operated in the district over time.

District Targets:

Notable targets to be tested in Q4 2024 located in the central and east areas of the district with potential to host similar mineral resources to that outlined in Project 1 in the west include:

Camelia- San Dimas , which consists of two almost vertical subparallel veins in the Camelia trend and the high-grade, flat lying and east dipping, San Dimas Vein. The San Dimas Vein is the highest ranked target due to its features that make it similar to Copala . Animas-Triunfo is a target designed to test recent interpretations based on mapping, that indicates that the Animas Vein extends to the southeast, in the direction of the Camelia-San Dimas target veins. The Galeana target is a northeast trending vein with significant silver anomalies observed on surface. More importantly, geologic mapping suggests that exposed outcrops of the Galeana Vein occur proximal to the paleosurface, thus providing great potential for deep drilling. San Fernando-Nacaral are two parallel veins, that similar to the Galeana target, show indications of great exploration potential at depth. Jesusita-Palos Verdes is a northeast trending vein target in the east area of the district. Positive drill results and alteration-based interpretations done by Prismo, combined with significant silver anomalies on surface and spectacular vein outcrops warrant additional deep drilling.

Greenfields Projects:

La Garra

The La Garra-Metates District, comprised of 16 claims covering 16,962 Ha, is located approximately 32 km north-northwest of the Panuco Project and 32 km south-southwest of First Majestic's flagship San Dimas mine. The district contains N-NNW-trending silver-gold-rich epithermal veins in a geological setting akin to that of the Panuco Project and San Dimas . Two main vein systems are known to date: the N-S trending La Garra with ~2.6 km of known strike length and the NW trending Cerro Verde – Las Playas vein system with ~1.8 km of strike length.

In December 2023 , Vizsla Silver conducted a five-day site visit and collected 37 samples on vein outcrops and underground pillars on La Garra and Cerro Verde – Las Playas vein systems: fourteen rock-chip samples collected across veins ranging from 0.30 to 2.50 metres reported silver equivalent grades (AgEq) greater than 200 g/t (2.22 to 12.30 g/t Au and 22 to 1,156 g/t Ag). Because of its favourable location in the emerging Panuco – San Dimas silver-gold-rich corridor, its geologic setting, vein orientation and observed high-grades, Vizsla Silver's geologists are confident that the La Garra-Metates District has good potential for a discovery of high-grade mineralization along-strike and at depth on the La Garra and Cerro Verde – Las Playas vein systems.